CORDILLERA RANKS 2ND FASTEST ECONOMIC GROWTH NATIONWIDE IN ’22

April 29, 2023 Headlines

BAGUIO CITY

Cordillera Region posted the second fastest economic growth nationwide in 2022 at 8.7 percent behind frontrunning Western Visayas at 9.3 percent even as 15 other regions registered positive growths. Villafe Alibuyog, CAR Regional Director of Philippine Statistics Authority (PSA), on Thursday reported that Cordillera’s economy in 2022 expanded by P337.7 billion eclipsing the P310.8 billion output in 2021.

It surpassed the prepandemic level by P15.9 billion. Alibuyog led other government line agencies in
presenting the region’s 2022 Economic Performance held at Plaza Garden Hotel and Residences here. Cordillera also posted the fastest growth in Gross Capital Formation (GCF) at 71.2 percent marked by improvements, construction of roads, commercial/ residences, among others.

Industries such as accommodation and food services lifted the region’s economic acceleration with 44.9 percent; other services with 43.9 percent; and transportation and storage with 31.4 percent.
However, mining and quarrying ,agriculture, and fishing contracted by -0.4 percent and -2.1 percent respectively. RD Alibuyog said that wholesale and retail trade and repair of motor vehicles and motorcycles (1.9 points) were the biggest contributors to the growth of CAR’s economy.

And accommodation and food service activities with 1.7 percentage points and Financial and insurance activities with 1.0 percentage points. Services dominated the region’s economic growth with 66.8 percent share valued at P225.6 billion followed by industry with 24.8 percent share at P83.9 billion while Agriculture, forestry, and fishing at 8.3 percent share P28.1 billion. The PSA official pointed that tourism and services remain the biggest economic drivers in the region. She
attributed to the easing of travel protocols and opening of orders.

But tourism related activities has yet to surpass pre-pandemic level said Alibuyog. The PSA-CAR said that of the 7.6 percent economic expansion of the country’s Gross Domestic Product (GDP)
in 2022 Cordillera remained to be one of the least contributors, with 0.1 percentage point. The agency further said CAR’s economy accounted for 1.7 percent of the national GDP. As to share to regional expenditure— household final consumption expenditure posted at 72.9 percent followed by government at 15.7 percent while gross capital formation 15 percent.

Primo Agatep/ABN